Tokyo stocks open higher on US jobs data

TOKYO: Tokyo stocks opened higher on Monday supported by rallies on Wall Street following strong US jobs data.

The benchmark Nikkei 225 index was up 1.03 percent or 298.67 points at 29,162.99 in early trade, while the broader Topix index edged up 0.97 percent or 18.32 points to 1,914.50.

Closely watched US government data on Friday showed the world's top economy added a better-than-expected 379,000 jobs in February -- helping push major Wall Street indices to a decisively positive finish.

Similarly in Tokyo, "US jobs data is encouraging investors to buy" shares, Mizuho Securities said.

Expectations that a massive US stimulus package worth $1.9 trillion will pass Congress this week is also prompting active buying in Tokyo, it added.

Among major shares, some exporters were higher, with Toyota trading up 1.07 percent at 8,054 yen and Honda rallying 2.64 percent to 3,183 yen.

Olympus rose 2.65 percent to 2,386 yen and Canon was up 3.94 percent at 2,336.5 yen.

Banks were also higher, with Mitsubishi UFJ Financial rallying 4.67 percent to 591.4 yen and Sumitomo Mitsui Financial rising 3.03 percent to 3,947 yen.

The dollar fetched 108.34 yen in early Asian trade, against 108.36 yen in New York late Friday.

On Wall Street, the Dow ended up 1.9 percent at 31,496.30.